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Impressive Growth in Cyprus Tourism Revenue: €223.3m in Q1 2024, Surging 11.7% YoY

Revenue from tourism reached an estimated €223.3m in January–March 2024, rising 11.7% compared to €200m in the first quarter of 2023, Cystat said.

Based on the results of its Passengers Survey, in March, revenue from tourism reached €113m, compared to €97.8m in the corresponding month of 2023, recording an increase of 15.5%.

The average expenditure per person was €558.88 in March 2024 compared to €530.72 in March 2023 (up 5.3%).

Tourists from the United Kingdom, again Cyprus’ largest tourist market with 31.8% of the total in March, spent on average €73.49 per day, while tourists from Poland, the second largest market with 10.4% of total tourists, spent on average €75.86.

Tourists from Germany, the third largest market with 9.8%, spent on average €98.66 per day, while tourists from Greece with 9% of the market, spent on average €43.37 per day.

Finally, tourists from Israel, the fifth place on the market with 8.2%, spent on average €143.21 per day.

Heating And Cooling In Cyprus: Navigating Energy Demand And The Heat Pump Revolution

Overview Of Cyprus’s Energy Landscape

Research by the European Commission’s Joint Research Centre shows that heating and cooling account for approximately 70% of household energy consumption in Cyprus. While the country records significantly lower heating requirements than the European Union average, cooling demand is substantially higher, shaping energy consumption patterns across households.

Distinct Energy Demands And Impact On Infrastructure

According to the report, Cyprus experiences 81% fewer heating degree days than the EU average, while recording 610% more cooling degree days. These conditions influence both household energy use and building performance. The study also found that around 15% of households struggle to maintain adequate indoor temperatures, while 8% have overdue utility bills.

The Efficiency And Potential Of Heat Pumps

Heat pumps are used primarily for cooling in Cyprus, with cooling demand exceeding heating demand by more than five times. The report estimates that replacing conventional oil boilers with electric heat pumps could reduce energy consumption by approximately 83% and carbon dioxide emissions by 68%. Actual savings depend on factors including building insulation, system efficiency and user behaviour.

Building Efficiency And Renewable Integration

Building characteristics remain an important factor in energy consumption. Approximately 57% of Cyprus’s building stock was constructed before 2000, before stricter energy performance standards were introduced. Renewable energy currently accounts for around 43% of the energy used for heating and cooling in the country. The findings come as the European Union seeks to double the annual rate of building energy renovations by 2030, a target that could support further efficiency improvements across Cyprus.

Financial Incentives And Market Dynamics

The report also points to the economic conditions supporting wider heat pump adoption. Heat pumps become competitive when electricity prices are up to three times the cost of heating oil, while available subsidy schemes can cover up to 60% of installation costs under certain conditions.

These incentives could encourage greater use of energy-efficient technologies in Cyprus, where cooling demand significantly exceeds heating demand. According to the report, heat pumps, building renovations and renewable energy sources have the potential to reduce energy consumption and emissions while improving overall energy efficiency.

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